Cairo: Egypt has signed a €90 million ($93.9 million) soft funding agreement with the European Commission to enhance its food security, the country's Ministry of International Cooperation announced on Monday.
The funding, provided by the European Investment Bank (EIB), is intended to improve Egypt's grain storage and logistics infrastructure. This initiative is part of the broader Food Resilience Project, which is also backed by the European Union and the World Bank, bringing the total grants and financing to €210 million ($219.3 million).
According to the ministry, the agreement will support the General Authority for Supply Commodities (GASC) in improving its ability to import and store wheat more efficiently. Despite GASC being replaced by the military-affiliated Mostakbal Misr as Egypt’s state grain buyer at the end of last year, this marks the second time in 2024 that the authority has received financial support for wheat imports.
Earlier, on February 4, GASC secured a $700 million loan from the Islamic Trade Finance Corporation to strengthen its food security measures.
